AAVE TVL climbs past $12 billion, DeFi token crosses $95

AAVE, the token of an Open Source protocol has surged to $95 on Saturday, June 29. The protocol dominates the crypto lending sector, and the total value of assets locked (TVL) has climbed past $12.34 billion per DeFiLlama data. 

AAVE dominates crypto lending, extends gains

DeFiLlama data shows that AAVE’s TVL has hit $12.34 billion, up from $6.84 billion on January 2. The rise in TVL can be attributed to the growing market share of the protocol in lending and utility among market participants. 

AAVE TVL on DeFiLlama 

TokenTerminal data shows that 41% of the crypto lending market is dominated by the DeFi protocol AAVE. The project has noted a surge in its popularity and mentions across social media platforms in 2024. 

The chart below ranks the top 20 projects in the crypto lending sector, based on market capitalization. AAVE dominates the chart between July 2023 and June 2024 capturing over 40% in market capitalization. 

Crypto lending protocols market cap

A proposal for a series of upgrades to the AAVE chain, including AAVE V4, Aave Network, a cross-chain liquidity layer, non-EVM Layer 1 deployments and a fresh visual identity has reached Quorom. 

2024 has been a year of positive developments for the DeFi token. Statistics from OurNetwork show that AAVE revenue climbed from $600,000 to nearly $1 million. The total fees collected by the DeFi protocol reached $160 million, so far in 2024. 

At the time of writing, AAVE price is $95.40, yielding nearly 2% gains on the day.